The movement of the US dollar in the market from the beginning of the week remained slow, after investors saw the US dollar depreciate last week following reactions to the US NFP jobs report on Friday.
The focus on US inflation data this week is seen to make investors cautious to place trading positions before the actual data readings are published.
Nevertheless, other major currencies in the market are seen failing to take full advantage of this situation to continue to soar against the US dollar.
Like the Australian dollar on the AUD/USD pair chart, the price has been moving horizontally throughout the week in the range of around 40 pips between 0.77600 to 0.77200.
It is observed that the price movement also started hovering below the Moving Average 50 (MA50) barrier level on the 1 hour time frame. However, it still has not given a clear signal for a clear decline in prices.
Even expectations for declining US inflation data and will drive the US dollar depreciate, could provide support for a rebound on the AUD/USD chart.
If the price rise is successful, the resistance zone at 0.78300 will be the nearest target to test the price first.
The price has not yet managed to cross the zone for the 4 -week trading period up to this week.
As for the bearish situation, the support level is seen at the 0.76500 level that the price hit last week before the price rebounded from that level when the US NFP report was published.
A lower decline breaking the support level will push the price towards the major support zone at 0.75700-0.75300.
